Disclaimer

Authorisation, Regulation and International Reporting

Group structure and authorisations

Overview

AES International is the trading name of an integrated financial services group focused upon the international, offshore and cross-border market place. The group consists of a number of companies broadly split into financial advisory, wealth management, custody and insurance services.

This page provides information on our regulation and authorisations, and information about redress processes (including details of statutory bodies in Europe and elsewhere providing a similar service to that of the Financial Ombudsman Service in respect of our business performed outside the UK, as well as that of the Financial Ombudsman Service itself in respect of such limited business as we carry out in the UK).

In short summary: UK law, regulation and redress processes apply in respect of our UK activities only. If you are outside the UK and we advise you or carry out other business, nearly all of the rules, regulations and arrangements made under the Financial Services Act 2000 for the protection of investors will not apply to most aspects of service you receive, such advice or business being provided from outside the UK. You should therefore understand such rights and protection as are afforded in the jurisdiction where you receive advice. Local law, regulation and redress processes will apply in almost all cases, and will be different from that of the UK. Set out below on this page are the regulating authorities and law in each jurisdiction where we operate, and (further down, under Issues, Complaints and Redress) the relevant protections / complaints / compensation arrangements.

We are required to provide information to tax authorities about our clients. For more information about this, please go to our International Reporting page.

European regulation and authorisation

UK

AES Financial Services Ltd (“AESFSL”) is registered in England no. 06063185, its registered office being at 24 Elysium Gate, 126-128 New Kings Road, London SW6 4LZ. It is authorised and regulated in the UK by the Financial Conduct Authority (“FCA“) in respect of its UK activities. Its number on the Financial Services Register is 464494. AESFSL does not (other than exceptionally) provide financial advice either from its establishment in the UK, or from the UK under Freedom of Services legislation (see below).

Europe (not Switzerland)

AESFSL has branches in Poland and Spain under European Freedom of Establishment legislation. In each of these Member State (“MS”) jurisdictions it is authorised and regulated by the relevant regulatory bodies in respect of those activities it carries out from its establishment in that jurisdiction (primarily financial advice to clients). In all other MSs except Croatia, AESFSL has permission to operate under Freedom of Services legislation. Operating under Freedom of Establishment and/or Freedom of Services legislation is known colloquially as ‘passporting’. ‘Passporting’ European law applicable to a particular piece of advice is given under either: the Insurance Mediation Directive (“IMD”, the scope of which is (in broad terms) insurance-based products and investments within such products); or the Markets in Financial Instruments Directive (“MiFID”, the scope of which is (in broad terms) direct investments). In some jurisdictions, one authority may cover IMD matters and another MiFID matters. The FCA website provides a list of all AES authorisations in Europe.

In this next section we set out the regulating authorities for our branches in Poland and Spain, where local law and regulation (not UK law and regulation) will apply. The authority (ies) named below regulate AESFSL’s branch in the jurisdiction named for the activities it performs in that jurisdiction.

Poland

AESFSL’s branch in Poland is registered with the Komisja Nadzoru Finansowego (KNF) and is authorised to give investment advice under the MiFID and undertake insurance mediation under the IMD.

Spain

AESFSL’s branch in Spain is registered with the Comisión Nacional del Mercado de Valores (CNMV), the registered number is 2075, and is authorised to give investment advice under the MiFID; it is also registered with the Dirección General de Seguros y Fondos de Pensiones (DGS) and is authorised to undertake insurance mediation activities under the IMD.

Under the trading name International Pension Transfer Specialists (and variants such as IPTS, IPTSpecialists), AESFSL’s branch in Spain provides advice on pension transfers. This advice is provided under Spanish law, but is designed so that trustees/ managers of HMRC-registered pension schemes are enabled to comply with their duties under the UK’s Pension Schemes Act 2015.

Switzerland

AES International SA is registered on the Registre du Commerce de Genève no. 20687/2011 and its Swiss federal number is CH/660-3510011-8. Its Registered Office is at AES International SA, 10, Rue Muzy, 1207 Geneva, Switzerland. It is a 100% subsidiary of AESFSL and a Member of L’Association Romande des Intermédiaires Financiers (ARIF), which regulates and authorises AES International SA in respect of those activities it performs in / or from Switzerland, and the applicable law is that of Switzerland.

ARIF is a self-regulating body approved by the Swiss Financial Market Supervisory Authority (FINMA) for the supervision of the financial intermediaries referred to in article 2 para. 3 of the Swiss Federal Law on combating money laundering and terrorism financing in the financial sector (AMLA). ARIF is also recognized by FINMA as a professional organization for laying down rules of conduct relating to the practice of the profession of independent asset manager within the meaning of the Swiss Federal Act on collective investment schemes.

Other

AES Nominees Limited is a non-trading company providing custody, dealing, and nominee services only. It is registered in England & Wales (no. 07127333), with its registered office at 24 Elysium Gate, 126-128 New Kings Road, London SW6 4LZ).

Regulation outside Europe

UAE (Dubai – ‘onshore’)

AES Middle East Insurance Broker LLCis regulated by the UAE Insurance Authority, licence no. 189 and registered with the UAE Ministry of Economy, UAE, licence no. 571368, and Commercial Registration no. 75162. The office is at Office 404 & 405, 4th Floor, Single Business Tower, Dubai, UAE. The authorities above regulate and authorise AES Middle East Insurance Broker LLC in respect of those activities it performs in / or from the UAE (not the DIFC – see below), and the law applicable to these activities is that of the UAE (not DIFC). AES Middle East Insurance Broker LLC does not use the trading name AES International.

UAE (DIFC – ‘offshore’)

AES Financial Services Ltd (AESFSL), trading as AES International, is registered with the Dubai International Financial Centre (DIFC) as a foreign registered company, licence no. 2128, and is regulated by the Dubai Financial Services Authority (DFSA). The registered office is Office C102, Level 1, Burj Daman, Dubai International Financial Centre, PO Box 191905, Dubai, United Arab Emirates. In respect of those activities AES FSL performs in or from the DIFC, the law applicable to these activities is that of the DIFC. For details of our employees approved by us to provide advice to clients of AES Financial Services Limited (DIFC Branch), please see here.

Qatar

AES International Financial Services WLL is licensed with the Qatari Ministry of Economy and Commerce for the conduct of financial consulting activities: Commercial Registration No 56991. Registered Office: Office G39, Regus Business Centre, Piazza Level, QQ05A, Qanat Quartier, The Pearl, P O Box 301588, Doha, Qatar. The authority above regulates and authorises AES International Financial Services WLL in respect of those activities it performs in / or from the State of Qatar, and the law applicable to those activities is that of Qatar.

Issues, complaints and redress

Initial process

If you have become dissatisfied with our services, please see our Redress Process.

Law relevant to the matter complained of will be that of the jurisdiction in which the event complained of occurs, (that is: not UK law). Complaints concerning matters performed carried out outside the UK (primarily advice and the process of such advice) are a therefore matter for the local jurisdictional authority. Therefore, if the initial complaints process does not result in the complainant being satisfied, and the complainant wishes to take the matter further, the relevant regulatory authority is that of the jurisdiction in which the event complained of occurred. The relevant authorities are set out below. In the initial process of resolution, AES will inform a complainant that if they wish to take a matter further, then it is the local authority that will have jurisdiction.

Europe

In Europe, relevant redress authorities are usually members of FIN-NET. On its website, FIN-NET summarises itself as a financial dispute resolution network of national out-of-court complaint schemes in the EEA (the EU Member States plus Iceland, Liechtenstein and Norway) responsible for handling disputes between consumers and financial services providers. The schemes cooperate to provide consumers with easy access to out-of-court complaint procedures in cross-border cases. If a consumer in one country has a dispute with a financial services provider from another country, FIN-NET members will put the consumer in touch with the relevant out-of-court complaint scheme and provide the necessary information about it.

Where advice has been given and received in one EEA country alone (for example under Freedom of Establishment legislation), FIN-NET has no application beyond confirming the relevant local jurisdictional authority. It does not, for example, permit a complainant about advice received in one MS under Freedom of Establishment legislation to bring a complaint to a jurisdictional authority in another.

The following are the statutory authorities to hear complaints out of court in the following jurisdictions where AES has branches, if AES’ internal complaints process does not resolve matters.

If a complaint is raised about an activity occurring in the UK, the statutory body is the Financial Ombudsman Service (the “FOS”), whose website may be found here. The Financial Ombudsman Service has no territorial jurisdiction over any complaint that is not carried on from an AES establishment in the UK. AES advisory activities are generally not carried on from AES’s establishment in the UK, and the FOS will not have jurisdiction. In some (rare) cases, an activity carried on in European MSs will have been carried out from AES’s establishment in the UK under Freedom of Services legislation, and the FOS will have jurisdiction.

Data processing

By completing the enquiry forms or a Confidential Financial Review you will be consenting to the information provided being processed to provide you with advice from within AES International. This information will not be disclosed to third parties (with the exception of those necessary for processing of business or as required by law) without obtaining your prior consent.

Disclaimers

Formal advice: written only

The formal record of our advice, the reasons for our advice, and factual background, is in writing only. Spoken discussions, whether at a distance or face-to-face, do not represent our formal advice, reasons, or background, and are not to be relied on by you or us.

This is so that there is a complete and comprehensive record and agreement between you and us, of what we have advised, the reasons, and context. Setting clear boundaries on what we have advised formally creates fairness for both you and us by. Your signing a document confirms to us that you have read it and agree with it; likewise, your responding to an electronic communication from us confirms that you have read, understood, and agree with that electronic communication unless you write indicating otherwise. For these purposes generally, “writing” includes email and other non-spoken electronic communications. It is therefore crucial that you read our written communications with care and in detail to ensure that they reflect accurately and in full what you and we have formally advised (and include any material matter from informal discussions to make it formal), the reasons, and context. This does not mean, though, that all our written communications are formal: many electronic communications do not represent formal advice, reasons or background. Whether a general electronic communication from us is intended to be formal should be clear from tone, style and context. Where a formal letter is provided (including in electronic format), this will generally over-ride any other electronic communication (in particular those sent before such letter) on the subject matter, unless such communications are plainly and clearly intended to override the formal letter.

Similarly, if you instruct us, your communications must be in writing, and clear and unambiguous as to meaning.

Website in general

Every effort is made to ensure that the information within this site is correct. We cannot, however, accept any responsibility for any errors or omissions by either ourselves or third parties. Any opinions expressed are our judgment at the time of writing and are subject to change without notice. Under no circumstances may the information on this site be reproduced, copied or redistributed other than in accordance with the Terms of Use.

General

Regulation means that we aim to maintain high standards in relation to both providing you with financial planning, and in administering your financial affairs thereafter. Not all the products and services we offer are regulated, and if you have any doubts, you must discuss this with your adviser.

Our website contains information on investments but you should not regard these as an offer to subscribe without reference to the relevant prospectus. Nothing on our site should be construed as investment advice. Some products and services may not be legally available to residents of certain countries and jurisdictions. If you are unsure as to whether an investment is suitable for you, please seek professional advice from us before proceeding.

The value of investments and the income from them can fall as well as rise and you may not receive back the original amount invested. Exchange rate movements between currencies may also affect the value of investments. Past performance is no guarantee of future performance.

Knowledge Tools and News/Blogs

The information contained in any Blog on this website (a “Blog“) is intended solely to provide general guidance on matters of interest for the personal use of the reader, who accepts full responsibility for its use. The application and effect of laws can vary widely depending on individual circumstances. Given the changing nature of laws, rules and regulations, and the potential risks of electronic communication, there may be delays, omissions or inaccuracies in information contained in a Blog. Accordingly, the information on any Blog is provided with the understanding that the authors and publishers are not thereby engaged in rendering financial, legal, accounting, tax, or other professional advice or services. As such, it must not be used as a substitute for consultation with professional financial, accounting, tax, legal or other competent advisers in relation to specific matters. Before making any decision or taking any action, you should consult a professional adviser.

While we have made every attempt to ensure that the information contained in any Blog has been obtained from reliable sources, AES International is not responsible for any errors or omissions, or for the results obtained from the use of this information. All information in any Blog is provided “as is”, with no guarantee of completeness, accuracy, timeliness or of the results obtained from the use of such information, and without warranty of any kind, express or implied, including, but not limited to warranties of performance, merchantability and fitness for a particular purpose. Nothing shall to any extent substitute for the independent investigations and the sound technical and business judgment of the reader. In no event will AES International, or its partners, employees or agents, be liable to anyone for any decision made or action taken in reliance on the information in any Blog or for any consequential, special or similar damages, even if advised of the possibility of such damages.

Email

The information in AES emails is confidential, and may be legally privileged. Each email intended solely for the addressee(s), and access by other persons is not intended. If you receive an AES email and are not the intended recipient of an AES email, please delete it unread. Any disclosure of an AES email or of the parties to it, or copying or distribution or any action taken or omitted to be taken on it may be unlawful. AES does not accept liability for any changes to an email after it has been sent.

Employees and independent contractors of AES are expressly required not to make defamatory statements or to infringe or authorise the infringement of copyright or other intellectual property rights. Any communication by an employee or independent contractor of AES that is defamatory or infringes another’s intellectual property rights is contrary to company policy and outwith the scope of the employment or the appointment of the person concerned. AES does not accept liability in respect of any such communication and the person sending any such communication is personally liable for any consequences, legal, or otherwise.

AES may monitor email traffic data and also the content of email for the purposes of security and staff training.

Disclosure (Pillar 3)

The FCA’s Prudential Sourcebook for Banks, Building Societies and Investment Firms (BIPRU) requires certain disclosures to be made annually. These are made in AESFSL’s annual report and accounts.